In the present era, every entrepreneur wants to expand their business not only nationally but also globally. To operate the company on the international level, whether importing or exporting, one should always obtain Import-Export Code for their business. If a person found conducting business operations on a global scale without this license, he/she might face huge penalties from the government.
In this article, we are going to discuss IEC Registration, its benefits, the online procedure for obtaining IEC, etc.
- IEC Registration
- Benefits of obtaining IEC registration
- Business Expansion
- No returns filing
- Easy processing
- No renewal
- Documents required for Obtaining IEC Registration in India
- Procedure for IEC Registration
- Applying on DGFT website
- Filling PAN details
- Details for PAN verification
- Status of PAN verification
- Log in for new IEC
- Entering Master data details
- Updating branch details
- Details regarding the director
- Uploading documents
- Payment of fees
- Submitting application
- Tracking application
IEC (Import Export Code) is a ten digits code required by every business entity to carry out imports and exports or to sell their products and services in the international market. This code is essential if you want to expand your business in the global market.
Generally, DGFT (Directorate General Foreign trade) issues the IE code for any business entity with the lifetime validity.
Benefits of obtaining IEC registration
The initial benefit of getting an IE code is that the company can expand its business operations worldwide through the medium of exports and imports. They can also serve their products to the global market.
No returns filing
Once a company completed its IEC registration, then it doesn’t need to file returns to maintain the validity of their registration. Even if the company is exporting its products, there is no need to file returns to DGFT.
The registration process for IEC is straightforward. An applicant can obtain the IE code in just 10-15 days if there will be no case of re-submission of documents. The applicants need not submit any proof of exports for getting IEC registration.
There is no need for the renewal of the IE code. IEC registration has lifetime validity. It is used by every business entity who is engaged in the business of exports and imports.
Documents required for Obtaining IEC Registration in India
- Self-attested copy of PAN card
- Identity proof of Directors (Voter ID, Aadhar Card, Passport copy)
- Utility bill of the registered office
- Current bank account details
- Cancel cheque of company’s bank account
- Cover letter of the company for the issuance of IEC code.
- The address proof of the registered company in the form of property papers, possession letter, rent agreement. NOC should be submitted by a landlord in case of the rent agreement.
Procedure for IEC Registration
Applying on DGFT website
Firstly, the applicant needs to visit the website of DGFT and apply for new registration of IEC, as shown in the quick links on the left side of the homepage.
Filling PAN details
Secondly, after clicking on “Apply for new IEC,” the next window will open where the applicant has to fill the PAN details of the company. The applicants can click on “Reset” if in case they entered the wrong PAN details otherwise, click “Search” to proceed further.
Details for PAN verification
After entering your PAN card number, the applicant needs to fill the following information for PAN verification by CBDT web service:
- Name of the company or as mentioned in PAN
- Date of birth/ date of incorporation
- Captcha as shown
Status of PAN verification
Once entered details are entered correctly, then a new page will display that the PAN has been verified and an applicant can proceed further for IEC registration.
Log in for new IEC
The applicant has to enter their mobile number, e-mail id, and captcha details to generate OTP for IEC registration. Then, the applicant has to enter the OTP as received on their registered mobile number.
Entering Master data details
Once you entered OTP number, the 20 digits e-commerce number will appear on the screen and right side of the screen the applicant has to fill details of the following:
- Name of the entity
- Registered office address
- State/ City
- District/ Pin details.
- Mobile number and e-mail address details
- Details as mentioned in PAN Card.
- Details regarding business formation
- Preferred activity for obtaining IEC registration.
- Bank account details with a/c no. and the name of the account holder.
- Any other detail of the applicant, if required.
Once the applicant filled all the details, then, he/she have to click “update and save” to proceed further.
Updating branch details
Once the applicant filled all the personal information, then he\she has to fill details regarding the branch of the firm to redirect to another page.
It requires details in the following manner.
- SI number of the branch
- Address of the office
- Six digits pin
Details regarding the director
Under the next step, the applicant needs to fill the details of owners or directors. The following are the requirements:
- SI no. of the director
- PAN card details of the directors
- Name and DOB
- Mobile number
- Aadhar card number and any other detail if required.
After filling all the details of the entity, directors, and branch, the applicant has to upload the documents on the site of DGFT. Documents should be uploaded with the size of not more than 5 MB and in PDF or GIF format.
Payment of fees
After uploading all the required documents, the applicant can pay the necessary fees online and verify it. The applicant will preview and print the fee receipt if the transaction is successful.
Once the applicant is done with a fee transaction, then he can provide his documents with or without a digital signature.
The application can track his request on the website of DGFT just by entering the PAN card details.
As we discussed, the procedure for IEC registration is not very complicated and doesn’t require extensive documentation. But even then, if you are unable to do your IEC registration, then you can contact Swarit Advisors, one of the best consultants in the market known for providing the IEC registration at quite a nominal price.